This morning the case of Sagis Investments versus Krem Radio began in the Court of Appeals. Sagis, a subsidiary of BB Holdings is claiming that contrary to the findings of the Chief Justice last May it should be listed as the owner of 10% of Krem in the companies registry. Viewers will recall that during the initial case in the Supreme Court it was revealed that in June of 1994, Krem's directors had agreed to sell Sagis 50,000 shares in the company for $25,000 as a condition for a $100,000 loan from the Belize Bank. The money changed hands but the shares were never issued to Sagis. In his ruling the CJ had decided not to order that Sagis be listed as a shareholder. Rather, he ordered that Krem repay Sagis the $25,000 plus interest of 6%.
But today, Sagis attorneys British Queen's Council Vincent Nelson and Elson Kaseke made it plain that money is not the issue; Sagis wants to be recognized as shareholders of Krem and accorded all the accompanying rights. Their exhaustive arguments took all day to present and Krem's attorneys didn't start until this evening, but in the interim, Evan Mose Hyde offered this statement.
Janelle Chanona,
"Are you surprised to hear that Sagis still intent on assuming some ownership of your shares?"
Evan Mose Hyde,
"No, no because Sagis is a non-entity, it is the person behind Sagis that has a reputation for being quite determined and I guess that is the way it is going to go."
Janelle Chanona,
"I know that there has been a campaign in the Amandala, an associated body to Krem, against Mr. Ashcroft. Do you think that that's fuelling this fight in anyway?"
Evan Mose Hyde,
"It doesn't need fuel. He is viral by nature so we will see how it goes."
Krem's defence team of Michael Young and Lois Young began their presentation late this evening. They are expected to contend that the shares cannot be sold to Sagis because under the articles of association the shares must first be offered to existing shareholders before they can be offered to an outside party.
